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Acams Advanced-CAMS-Audit Exam - Topic 2 Question 7 Discussion

Actual exam question for Acams's Advanced-CAMS-Audit exam
Question #: 7
Topic #: 2
[All Advanced-CAMS-Audit Questions]

During the ongoing due diligence process the company becomes aware that the customer is holding personal assets for a politically exposed person (PEP). What should the auditor recommend to enhance the control environment for this customer relationship? (Select Three.)

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Suggested Answer: C, D, E

by Elena at Jan 26, 2025, 11:33 AM

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Gladys
5 months ago
Not sure if automated tools are enough for KYC checks.
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Janna
5 months ago
Designating as a PEP-account is crucial for monitoring.
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Marsha
5 months ago
Wait, why would we only review the risk profile every two years?
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Burma
6 months ago
Agree, enhanced due diligence is a must for PEPs.
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Patrick
6 months ago
Definitely need to file a suspicious activity report!
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Mattie
6 months ago
Reviewing the asset-holding arrangement sounds important too, but I wonder if that’s more of a supplementary step rather than a primary recommendation.
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Lizette
6 months ago
I’m a bit confused about whether filing a suspicious activity report is necessary right away or if we should first enhance the controls.
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Naomi
7 months ago
I remember practicing a similar question where enhanced due diligence was emphasized for high-risk customers, so I feel like option D is definitely one of the right choices.
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Cary
7 months ago
I think designating the account as a PEP-account is crucial since it triggers additional monitoring, but I'm not entirely sure if that's enough on its own.
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Thurman
7 months ago
I feel confident about this question. The key is to implement the enhanced monitoring and controls required for PEP relationships to mitigate the higher risks involved.
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Gennie
7 months ago
This is a tricky one. I'll need to carefully review the options and make sure I understand the implications of each recommendation before selecting my answers.
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Hortencia
7 months ago
Okay, I think I've got a good strategy here. Designating the account as a PEP, conducting enhanced due diligence, and reviewing the asset-holding details should cover the key recommendations.
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Pearline
7 months ago
Hmm, I'm a bit unsure about this one. There are a lot of options, and I want to make sure I select the right three.
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Grover
7 months ago
This question seems straightforward - we need to identify the key controls to enhance for a PEP customer relationship.
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Glen
1 year ago
This is a tough one, but I think C, D, and E are the right choices. Can't forget the importance of that PEP designation!
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Esteban
1 year ago
E: Documenting the details of the asset-holding arrangement provides clarity on the customer's profile and any associated risks.
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Mozelle
1 year ago
D: Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their financial activities closely and address any anomalies.
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Stefania
1 year ago
C: Designating the account as a PEP-account triggers additional monitoring and controls as PEPs inherently pose higher risks.
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Leanna
1 year ago
Designating the account as a PEP-account seems like a good idea too.
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Lamar
1 year ago
Hmm, I'd go with B, D, and E. Automated monitoring tools can really help streamline the process, and the documentation is key.
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Lashon
1 year ago
E: Documenting the details of the asset-holding arrangement is important for understanding the customer's profile and potential risks.
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Harrison
1 year ago
D: Enhanced due diligence and ongoing monitoring are crucial for managing risks associated with politically exposed persons.
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Marylou
1 year ago
B: Deploying automated monitoring tools is a great idea to efficiently review the customer's KYC information.
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Alison
1 year ago
C, D, and E are the way to go. Designating the account as PEP-related is crucial, and enhanced due diligence will help uncover any potential issues.
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Vincenza
1 year ago
E: Documenting the details of the asset-holding arrangement provides clarity on the customer's profile and any associated risks.
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Cherrie
1 year ago
D: Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their financial activities closely and address any anomalies.
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Billy
1 year ago
C: Designating the account as a PEP-account triggers additional monitoring and controls as PEPs inherently pose higher risks.
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Shanice
1 year ago
Definitely A, B, and D. The auditor needs to take immediate action to address the PEP risk and ensure proper monitoring and controls are in place.
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Darrel
1 year ago
D: Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their financial activities closely and address any anomalies.
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Clement
1 year ago
C: Designating the account as a PEP-account triggers additional monitoring and controls as PEPs inherently pose higher risks.
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Sueann
1 year ago
I agree, but we should also conduct enhanced due diligence.
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Wenona
1 year ago
I think we should file a suspicious activity report.
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